FINANCE

Modular Information Systems and Integrated Software Systems

Modular Information Systems and Integrated Software Systems

Part A. Compare the relative qualities and characteristics of Modular Information Systems against Integrated Software Systems in respect of financial control of an organization. You must give real-life examples of each of these systems to help illustrate your answer.

Qualities and characteristics of Modular Information Systems

In this paper I will discuss about the role of modular information system and integrated information system, I will compare both systems in order to identify the role of both system involved in financial control of an organization. Firstly modular information system, as we know that financial system is the heart of every organizational operation, in order to monitor financial system of an organization modular information system plays a vital role, different financial models helps an organization and provide the indication about the financial health of their firm.

Different modular software helps the organization for maintaining the financial information and provide them platform driver to promote, and support the business growth. On the other hand these modules also helps in providing the transparency which helps in conveying the concise and clear financial information about the company, with the help of modular information system businesses can make good decisions. In order to achieve these criteria these modules are divided into sub financial category, known as sub-financial module, these modules are designed specifically maintaining the criteria of usability and flexibility, which can help businesses for further customization in order to meet the require needs. (Inkpen, G.2004 33-50)

The main modules included in financial systems include Account receivable, Account payable, general ledger, analysis tools, bank, and audit tools.

General Ledger:

This module is one of the important financial modules, it primarily deals with the Transaction journal, general journal entry and chart of accounts.

Account Receivable

This module deals with the portions of receivables such as approval systems, budgeting, information of customer and PO in entry.

Account payable:

This component of modular information system deals with the Payables transactions such as, supplier terms, information of suppliers and PO out.

Analysis

The analysis module is one of the powerful tools which is utilized to evaluate and sort the financial performance, helps in enhancing decision process with the help of search engine and financial reporting.

Bank

This module deals with the financial activities such as deposits, withdrawal, and reconciliation.

Audit

The auditing modules help in making auditing process simple and quicken the data audit of selected transactions and accounts.

Other than these modules there is one more module which helps in making financial management easier such as integrated financial management information system (IFMIS). This information system helps in summarizing financial information and tracking financial events. Basically, IFMIS is not just an accounting system; it is designed in a way which operates according to the requirement and specification of organizational environment in which it is operating. (Elliot, G. 2006 254-270).

Qualities and characteristics Integrated Software Systems

Integrated software system is single program consist of tools and modules in order to complete well known business applications. This integrated software includes the spreadsheets, word processing, graphics, database management and ...